https://www.taxtmi.com/caselaws?id=285669 The Tribunal set aside the Commissioner of Income-tax (Appeals) order, emphasizing the need to consider the Supreme Court's ruling in UCO Bank v. CIT and exclude interest income not pertaining to the current year but accounted for on a receipt basis. The Tribunal directed a reevaluation of interest income determination in line with the UCO Bank case and exclusion of income not relevant to the current year but accounted for based on receipts. The case underscores the significance of adhering to accounting principles and relevant legal provisions in determining taxable income for co-operative societies engaged in banking activities. en-us Fri, 12 Oct 2012 00:00:00 +0530 Tue, 21 Jan 2020 17:08:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=285669 The Tribunal set aside the Commissioner of Income-tax (Appeals) order, emphasizing the need to consider the Supreme Court's ruling in UCO Bank v. CIT and exclude interest income not pertaining to the current year but accounted for on a receipt basis. The Tribunal directed a reevaluation of interest income determination in line with the UCO Bank case and exclusion of income not relevant to the current year but accounted for based on receipts. The case underscores the significance of adhering to accounting principles and relevant legal provisions in determining taxable income for co-operative societies engaged in banking activities. Case-Laws Income Tax Fri, 12 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=285669